Key players in Nigeria’s financial technology ecosystem debated how to deepen financial inclusion while maintaining trust and regulatory balance at the Payments Forum Nigeria (PAFON) 3.0. The discussions brought together voices across payments, credit data, agent networks, and blockchain, revealing both shared goals and sharp differences on how the future of money in Africa should evolve.
Chika Nwosu, managing director of PalmPay, focused on trust and reliability in digital payments, stating that Nigeria’s financial exclusion problem is not only historical but structural, linked to past inefficiencies in transaction systems. He noted that PalmPay’s infrastructure investments have improved transaction success rates to about 99.95 percent, a level critical for mass adoption, and warned that trust remains weak, especially in rural areas where many users still prefer cash over digital platforms.
Shifting the focus to credit inclusion, Chinedu Onyia representing Credit Registry highlighted the gap between digital payments and access to credit. “Data is the new collateral,” he said, adding that transaction data must be converted into structured credit intelligence to help lenders make better decisions. On financial infrastructure, Ihechukwu Ibeji of SANEF stressed the importance of financial literacy and regulation, warning that without proper education, regulations and innovations may be misunderstood or underused.
Yusuf Adeyemo of AMMBAN highlighted the key role of agents in expanding financial access, noting that Nigeria’s financial inclusion rate, estimated at over 70 percent, would not have been possible without agent networks. Across the discussions, a clear tension emerged between innovation and trust, speed and regulation. Yet participants agreed on one point: financial inclusion in Nigeria is no longer just about access, but about trust, usability, fairness, and system integration.
